Accenture and FIs kick off Apac Innovation Lab programme

Accenture and a consortium of 10 prominent financial institutions have officially opened the application process for the second cohort of the FinTech Innovation Lab Asia-Pacific. This 12-week initiative aims to identify and nurture the region’s most promising financial technology (fintech) startups.

Program Overview

Designed for early- to growth-stage fintech innovators, the program helps accelerate product development and provides access to high-level financial industry executives. Startups working on breakthrough technologies in areas like alternative currencies, big data, mobile payments, risk management, and social media collaboration are encouraged to apply. The deadline for submissions is May 31, with the program set to start in August.

Top executives from financial giants including Bank of America Merrill Lynch, China Construction Bank (Asia), Commonwealth Bank of Australia, and UBS, among others, will select the startups and mentor them throughout the program. This hands-on guidance will help entrepreneurs refine their business strategies and solutions through workshops, one-on-one meetings, and presentations. The program concludes with a presentation to investors in November.

Accenture’s Commitment to Innovation

Jon Allaway, Accenture’s Group Technology Officer for Financial Services, emphasized the importance of innovation in the financial sector. “Our FinTech Innovation Lab Asia-Pacific provides a unique platform for startups to connect with established financial institutions and develop technologies that can disrupt the industry,” Allaway said. He noted that fintech innovations have the potential to make banking more cost-effective and convenient for customers.

Global FinTech Initiative

The Asia-Pacific Lab follows the success of similar programs Accenture co-launched in New York in 2010 and London in 2012. The New York initiative has seen participating companies raise over $160 million in venture financing, with one being acquired for $175 million. In London, fintech startups secured $35 million in funding and signed nearly 50 contracts with banks. The Asia-Pacific lab, which debuted in 2014, has already helped participating companies raise more than $6 million.

The program has also expanded globally, with the establishment of FinTech Innovation Labs in Dublin and other key financial hubs. Accenture’s ongoing commitment underscores the increasing demand for fintech solutions across the globe.

Rising Investment in FinTech

Investment in fintech globally has skyrocketed, tripling from $4.05 billion in 2013 to $12.2 billion in 2014. The Asia-Pacific region has mirrored this trend, with fintech investments rising from $245 million to $767 million during the same period.

Thomas J. DeLuca, CEO of AMP Credit Technologies and a participant in the 2014 cohort, highlighted the program’s value. “The FinTech Innovation Lab gave us the opportunity to engage with C-suite executives and refine our business model,” DeLuca said. His company has since expanded into new markets, including the U.K.

Support from Leading Financial Institutions

Financial institutions in the Asia-Pacific region have demonstrated strong support for the fintech initiative. Simon Lucocq, Bank of America Merrill Lynch’s head of Asia-Pacific Technology & Operations, stated that fostering innovation is crucial for driving better outcomes in the financial services industry. Similarly, Arthur Wong of China Construction Bank (Asia) emphasized the importance of fintech in addressing the needs of tech-savvy customers in Greater China.

Other major banks, such as Credit Suisse, J.P. Morgan, HSBC, and Maybank, are also actively involved in mentoring and supporting the selected startups. Leaders from these institutions believe that fintech will continue to disrupt the financial sector and that supporting entrepreneurs is vital to staying ahead of industry changes.

The Future of FinTech in Asia-Pacific

The FinTech Innovation Lab Asia-Pacific is expected to play a key role in shaping the future of the region’s financial services industry. Michael Leung of China CITIC Bank International highlighted how China has rapidly adopted digital innovations, making the country a key player in the global fintech landscape.

Startups that make it into the program will be notified by mid-July, with the initiative kicking off in August and culminating in an Investor Day in November. Finalists are required to reside in Hong Kong for the duration of the program, further integrating them into the region’s financial ecosystem.

As fintech continues to gain momentum, this program provides a unique opportunity for startups to gain invaluable industry exposure and mentorship, positioning them for long-term success in the evolving financial landscape.

Read more: FINEXTRA